Income Statement
Q: determine the net income
A: To determine the Net income of the business. We have to prepare Income Statements to determine the…
Q: Define Total comprehensive income
A: Comprehensive income includes both net income and unrealized income or losses on financial…
Q: calculate Net Income and total assets
A: Net Income of the business means income generated after deducting all the expenses and costs from…
Q: Explain the term income statement.
A: The income statement (IS) is one of three financial statements (FS) which records the financial…
Q: Prepare Income statement
A: Formula: Net income = Total revenues - Total expenses
Q: How to prepare report on financial ratios
A: The ledger accounts will be prepared taking the journal as the source document. The ledger accounts…
Q: tatements:
A: The income statement determines the net income of the business by subtracting the total expenses…
Q: Financial statement
A: Financial Statements?
Q: ntages of Income s
A: Income statement or profit and loss account is a type financial statement that shows the income…
Q: Preparation of; Balance sheet. Income Statement. Statement of Retained Earning.
A: Financial statement: It refers to the formal or official record maintained by the company related to…
Q: REQUIRED: • Statement of Comprehensive Income
A: Comprehensive Income The purpose of preparing the statement of comprehensive income to know the net…
Q: Requirements: Comprehensive income and financial position.
A: Financial statements are those statements and reports which are prepared at the end of accounting…
Q: What is the income statement formula?
A: Introduction: Income statement: All revenues and expenses are recorded in Income statement. it tells…
Q: Define financial statements.
A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…
Q: understanding the structure of balance sheets and income statements.
A: Income statement: It is a financial statement prepared by a company that reports revenues and…
Q: Income statement
A: Answer:
Q: Prepare Income Statement
A: Depreciation = Cost - Salvage Value / lifetime Depreciation of Furniture = $26,000 - $0 / 6…
Q: What is the most commonly used base item for a common size income statement? O Net sales Total…
A: The income statement is the statement showing the profits and losses made during the year. The…
Q: Require a Income Statement
A: Financial statement means the trading and profit and loss account and balance sheet of the company…
Q: Explain income statement?
A: Financial accounting means summarizing, analyzing, reporting of financial transactions of a…
Q: Describe the way EPS information should be reported in an income statement.
A: Definition: Earnings per share: Earnings per share represent the amount of income earned per share…
Q: Income Statement Income Statement Income Statement Income Statement Income Statement
A: 1) Accounts payable = is a liability account so it is recorded on balance sheet. 2)Advance payment…
Q: Make your own income statement
A: A statement of income is a financial document that identifies the income and expense of the company.…
Q: Income statement?
A: Income statement is one of the financial statement of the business, which shows all incomes and all…
Q: Make an income statement
A: Financial statement means the trading and profit and loss account and balance sheet of the company…
Q: Calculate the EBIT. EBIT Calculate the net income. Net income
A: EBIT: Earnings before interest and taxes show the indication of the profitability for the…
Q: Define the term financial ratio.
A: Financial ratio: The financial ratio is used to determine the performance of the business by…
Q: income statement.
A: Gross profit 40% of net sales P620000 Net sales 620000/40% P1550000 Gross sales Net Sales…
Q: Income Statement, i
A: Impairment Loss 280 Service Income 204500 Salary Expense 114600 Rental Income 22000 Rent…
Q: Prepare an income statement
A:
Q: How to calculate income statem
A: Income Statement The income statement is one in all the main financial statement for a business that…
Q: How is the balance sheet related to the income statement?
A: Balance sheet is a part of financial statements that lists company’s assets, liabilities and…
Q: income statement, statement of retained earning and balance sheet of the following
A: Financial statements are the ones that are prepared to record all the financial information in a…
Q: Describe comprehensive income and its components.
A: Definition: Comprehensive income: Comprehensive income represents the amount of net income plus…
Q: Define Comprehensive income.
A: Income: This is the amount earned from operations of a business. The operating activities are sale…
Q: Perform the vertical Financial Statement Analysis of Income Statement
A: Vertical analysis of financial statements shows all items of income statement as a percentage of net…
Q: calculate return on assest for this statement
A: Introduction:- Return on asset ratio indicates how efficiently a company can manage its assets to…
Q: Income statement and balance sheet
A: Income statement and balance sheet are two important financial statements which are prepared for the…
Q: income statement fo
A: Particulars Amount in $ Beginning Direct Materials 13500 Add Direct Material purchases 36000…
Q: Income statement
A: Financial statements are referred as the records of the business operations and financial…
Q: e income summary account
A: The income summary Account is also called as Income statement Account. And the income summary…
Q: Explain the purpose of income statement.
A: Income statement: The financial statement which reports revenues and expenses from business…
Q: Define accounting income
A: Income: It can be defined as the amount received by the business or an individual from selling its…
Q: Make a Statement of Comprehensive Income.
A: Income statement means the statement which show the cost of goods sold and selling price and give…
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- A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?Screpcap Co. had the following transactions during the first week of June: June 1Purchased merchandise on account from Acme Supply, 2,700, plus freight charges of 160. 1Issued Check No. 219 to Denver Wholesalers for merchandise purchased on account, 720, less 1% discount. 1Sold merchandise on account to F. Colby, 246, plus 5% state sales tax plus 2% city sales tax. June 2Received cash on account from N. Dunlop, 315. 2Made cash sale of 413 plus 5% state sales tax plus 2% city sales tax. 2Purchased merchandise on account from Permon Co., 3,200, plus freight charges of 190. 3Sold merchandise on account to F. Ayres, 211, plus 5% state sales tax plus 2% city sales tax. 3Issued Check No. 220 to Ellis Co. for merchandise purchased on account, 847, less 1% discount. 3Received cash on account from F. Graves, 463. 4Issued Check No. 221 to Penguin Warehouse for merchandise purchased on account, 950, less 1% discount. 4Sold merchandise on account to K. Stanga, 318, plus 5% state sales tax plus 2% city sales tax. 4Purchased merchandise on account from Mason Milling, 1,630, plus freight charges of 90. 4Received cash on account from O. Alston, 381. 5Made cash sale of 319 plus 5% state sales tax plus 2% city sales tax. 5Issued Check No. 222 to Acme Supply for merchandise purchased on account, 980, less 1% discount. Required 1. Record the transactions in a general journal. 2. Assuming these are the types of transactions Screpcap Co. experiences on a regular basis, design the following special journals for Screpcap: (a) Sales journal (b) Cash receipts journal (c) Purchases journal (d) Cash payments journalThe following items were among those that appeared on Rubi Co.’s books at the end of year 1: Merchandise inventory P600,000; Loans to employees 20,000. What amount should Rubi classify as monetary assets in preparing constant peso financial statements? P0 P 20,000 P600,000 P620,000
- 1.The following items were among those that appeared on Rubi Co.’s books at the end of 20X1:Merchandise inventory P600,000Loans to employees 20,000 What amount should Rubi classify as monetary assets in preparing constant peso financial statements? a.0b.20,000c. 600,000d.620,0002. The followimg assets were among those that appeared on Baird’s Co.’s books at the end of the year:Demand bank deposits P650,000Net Long-Term Receivables 400,000Patents and Trademarks 150,000 In preparing constant peso financial statements, how much should Baird classify as monetary assets?a.1,200,000b.1,050,000c.800,000d.650,000A seller of goods has the following details of sales and collection during the month: Receivables, beginning P 500,000.00 Gross sales 700,000.00 Less: Collection 450,000.00 Receivables, end P 750,000.00 1. What is the amount subject to business tax? 2. Determine the amount subject to business tax if the taxpayer is a seller of services.ASAP!! DECEMBER 31,2012 TITLE OF ACCOUNT DEBIT CREDIT Cash 130,350 Account receivable 54600 Note receivable 83,000 Land 100,000 Inventory-opening 40,500 Supplies 650 Prepaid insurance 1200 Furniture and Fixture 183,200 Accumulated depreciation-furniture 2400 Account payable 47,000 Note payable (long-term) 12,600 Capital-Frank 275,000 Sales revenue 364,500 Sales discount 1400 Sales return and allowance 2000 Commission income 600 Purchases 89,300 Purchases discount 3000 Purchases return and allowances 1200 Freight in 5200 Rent expense 8400 Salaries expense 5000 Insurance expense 1500 TOTAL 706,300 706,300 ADJUSTMENT DATA: Depreciation for the year Rs. 600 Inventory on hand at the end of the year Rs.…
- what is balance sheet? cash $14,785.00 A/R $100.00 Packing and office supplies $370.00 inventory $6,350.00 office forniture and equipment $1,100.00 AD:office furn and equipment $31.00 A/P $1,850.00 interest payable $133.00 unearned revenue $350.00 bank loan $5,000.00 equity $11,089.00 drawings $15.00 shoe sales revenue $7,180.00 sales returns $120.00 cost of sales $500.00 online store expenses $650.00 shipping costs $1,199.00 interest expense $133.00 inventory shrink $150.00 depreciation expense $31.00 supplies expense $130.00 25,633 25,633FDN Trading had the following selected transactions on November 5: Purchase of furniture on account, P24,000 Purchase of merchandise for P31,000 less 10 on terms 40% down and the balance 2/10 n/30 Sale of merchandise for P59,000 for cash. Paid for the repair of one air-conditioning unit, P3,280. Collected a customer’s account, P15,880 How much was the total amount credited to Cash?On November 3, FN Trading sold merchandise for P200,000 less 10-5 on terms 3/10 2/20 n/30. Two days after, the customer returned P10,000 worth of defective goods. On November 13, the customer made a partial payment of P60,000. The account was finally paid in full on November 23. How much cash was received by FDN Trading on November 23?
- On Jan. 31, Ronald Co.’s cash balance is P50,000. On Jan. 13, Ronald Company have purchases on cash worth P35,000. On Jan. 25, they have sales on cash worth P60,000. On Jan. 26, the company paid P15,000 worth of salaries and P5,000 worth of advertising. Compute you cash beginning balance. (Sample Answer: P20,000)1) the 456 company purchased office supplies from A-One supplies worth P44,000 on May 29, 2021. A-one supplies gave the buyer trade discount of 10% and 5%. the buyer agreed with the term 2/10, n/45. How much will be paid by 456 company on June 8? a) 36867 b) 37630 c) 44000 d) 39600 2. below are some data of the income statement accounts of wishing well company for the year dec 31, 2021: inventory,beginning 430,800 inventory,end 399,500 freight - in 36,780 purchase discount 22,500 merchandise available for sale 1,230,500 how much is the cost of goods sold? a) 777,200 b) 799, 700 c) 740,420 d) 831,000 3) the 456 company purchased office supplies from a-one supplies worth 80,000 on april 4, 2021 A- one supplies gave the buyer trade discount of 5% and 2% the buyer and supplier agreed with the term 5/15, n/30. How much will be paid by 456 company on april 18? a) 80,000 b) 76,000 c) 70,756 d) 74480**XYZ Bhd Trial balance 31 December 2020 Debit RM Credit RM Cash 189,700 Accounts receivable 105,000 Rent revenue 18,000 Retained earnings 160,000 Salaries and wages payable 18,000 Sales revenue 1,100,000 Notes receivable 110,000 Accounts payable 49,000 Accumulated depreciation-equipment 28,000 Sales discounts 14,500 Sales returns and allowances 17,500 Notes payable 60,000 Selling expenses 232,000 Administrative expenses 99,000 Share capital-ordinary 300,000 Income tax expense 53,900 Cash dividends 45,000 Allowances for doubtful accounts 5,000 Supplies 14,000 Cost of sales 645,000 Land 70,000 Equipment 140,000 Bonds payable 100,000 Gain on sale of land 20,000 Accumulated depreciation-buildings 18,600 Inventory 64,000…